Canadian smartphone-maker BlackBerry is up nearly 2% on Monday after receiving a "cautious upgrade" from Bernstein Research. Here's where it gets curious: BlackBerry's now trading at over $6.20 per share on Bernstein's price target of $5.50.

The Bernstein Research team of Pierre Ferragu, Jasmeet Chadha, and Viral Gandhi say that while Fairfax Financial's attempt to takeover BlackBerry failed, there's still value in the company's assets (which they estimate at about $6 to $13 billion for a company worth about $3 billion) and if the company decides to build up its enterprise solutions business. And, Bernstein suggests that the company sells BlackBerry Messenger and get out of the handset device business. Meanwhile, Bernstein estimates the company will burn through $800 million this quarter alone.

With shares down 48% since the start of the year and off by 90% in the last three years, should investors give BlackBerry another look?

CNBC contributor Andrew Busch, editor and publisher of The Busch Update, says the company may have a motive behind extending its convertible debt offering. "The thinking is that Friday is going to bring some better-than-expected news," says Busch. "I don't know how because this is such a soap opera with BlackBerry. They've totally mismanaged this company forever. So, it probably won't be difficult to beat expectations but I think that's really what the gig is here."

Ryan Detrick Senior Technical Strategist of Schaeffer's Investment Research is optimistic on BlackBerry.

"I'm seeing some positives here," says Detrick. "We know this year's a terrible year – lots of people try to pick the bottom and they've been burned repeatedly. But, one thing I like: We think there could be something called a 'bear trap' happening right now."

To see more of Busch on the fundamentals and Detrick on the technicals and why he sees a "bear trap", watch the video above.